The Shock, The Squeeze, and The Downside
Yesterday, Eurostat confirmed that German GDP in Q2 2019 had contracted. Also issuing benchmark revisions, the European government agency found that GDP growth had been slightly better than previously thought at the top of Reflation [...]
The Corroboration and Costs of Fear Gold
Gold is the ultimate hedge, but it is far from perfect. Unlike, say, sovereign bonds there should be no expectation for a negatively correlated price. You can buy a UST or German bund even at [...]
China Throws More ‘Stimulus’ At The Wall
Earlier this year, Chinese authorities reduced the VAT tax the government charges auto manufacturers. Intended to boost consumption, the levy was reduced from 16% to 13% in the hope automakers would pass along the savings [...]
Hedgeye Podcast: One-On-One With Joe Calhoun
Our very own Joe Calhoun, founder and CEO of Alhambra Investments, was invited to feature on Hedgeye's 20th episode of In the Arena. He joins Hedgeye's Daryl Jones in a lively discussion on the current investing landscape [...]
Definitely A Downturn, But What’s Its Rate of Change?
The Chicago Fed’s National Activity Index (NAI) fell to -0.36 in July. That’s down from a +0.10 in June. By itself, the change from positive to negative tells us very little, as does the absolute [...]
Japan: Fall Like Germany, Or Give Hope To The Rest of the World?
After trading overnight in Asia, Japan’s government bond market is within a hair’s breadth of setting new record lows. The 10-year JGB is within a basis point and a fraction of one while the 5-year [...]
Not Bond Bull, The Bull of Bonds
In January 2018, Bill Gross was at it again. Famous for being the longtime public face of PIMCO, he’d acquired as much notoriety for being the boy who cried bear. By the way he talked [...]
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